Serica Energy Regulatory News (SQZ)

30 Oct 2006 14:30

Serica Energy plc30 October 2006 FOR IMMEDIATE RELEASE: Monday 30 October, 2006 SERICA ENERGY PLC STARTS DRILLING SECOND NORTH SEA EXPLORATION WELL London, 30 October, 2006 - Serica Energy plc (AIM and TSX Venture: SQZ)announces that it has commenced drilling the Columbus prospect in UK Block 23/16f and is now drilling two North Sea exploration wells simultaneously. Located in the Central North Sea, exploration well 23/16f-11 was spudded on 28October, 2006. Drilling operations on the Columbus prospect are scheduled totake about 30 days using the GSF 140 drilling rig. Serica is the operator ofthe Block and has a 50% interest. Earlier this month, Serica commenced operations on the Oak prospect in Block 54/1b using the ENSCO 92 drilling rig, and well 54/1b-6 is currently drilling the121/4" hole section below 5,000 feet. Paul Ellis, Chief Executive Officer, commented: "Serica is drilling the Columbus prospect very soon after the award of the Block23/16f licence largely due to the efforts of our technical team, which hascompleted the detailed studies required to select a drilling location, secured adrilling rig in a tight market and commenced drilling, all within the space of ayear." Background Notes Serica Energy plc is an international oil and gas exploration company withoperations in Indonesia, the UK North Sea, Spain, Ireland and Vietnam. TheCompany's ordinary shares are listed in London on AIM and on the Canadian TSXVenture Exchange under the symbol "SQZ". The 2005 Annual Report and Accounts areavailable at www.serica-energy.com and www.sedar.com. Enquiries: Serica Energy plcPaul Ellis, pellis@serica-energy.com +44 (0)20 7487 7300Chief Executive OfficerChris Hearne, chearne@serica-energy.com +44 (0)20 7487 7300Finance Director Pelham Public Relations -UKJames Henderson james.henderson@pelhampr.com +44 (0)20 7743 6673Alisdair Haythornthwaite alisdair.haythornthwaite@pelhampr.com +44 (0)20 7743 6676 CHF Investor Relations - CanadaJan Moir jan@chfir.com +1 416 868 1079 x237Heather Colpitts heather@chfir.com +1 416 868 1079 x223 Forward Looking Statements This disclosure contains certain forward looking statements that involvesubstantial known and unknown risks and uncertainties, some of which are beyondSerica Energy plc's control, including: the impact of general economicconditions where Serica Energy plc operates, industry conditions, changes inlaws and regulations including the adoption of new environmental laws andregulations and changes in how they are interpreted and enforced, increasedcompetition, the lack of availability of qualified personnel or management,fluctuations in foreign exchange or interest rates, stock market volatility andmarket valuations of companies with respect to announced transactions and thefinal valuations thereof, and obtaining required approvals of regulatoryauthorities. Serica Energy plc's actual results, performance or achievementcould differ materially from those expressed in, or implied by, these forwardlooking statements and, accordingly, no assurances can be given that any of theevents anticipated by the forward looking statements will transpire or occur, orif any of them do so, what benefits, including the amount of proceeds, thatSerica Energy plc will derive there from. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. To receive Company news releases via email, please contact heather@chfir.com and specify "Serica press releases" in the subject line. This information is provided by RNS The company news service from the London Stock Exchange